# DeFi Services Gain Traction with Sui Network Rise

## [Block Media, Lee Hyun-Ji] The surge of the Sui Network is shining a spotlight on decentralized finance (DeFi) services. Of particular note is Navi Protocol (NAVX), an all-in-one DeFi platform offering a plethora of financial services under one roof, enhancing user convenience.

Navi Protocol consolidates activities like deposits, trading, lending, and leverage strategies into a single platform. Traditional DeFi services required multiple apps for different tasks; for instance, Ethereum-based DeFi necessitated using Uniswap for trading, Aave for lending, and Lido for staking.

To address these inefficiencies, Navi Protocol has emerged. This article and accompanying video will outline the features and usage of Navi Protocol step-by-step.

## Key Features and Functions of Navi Protocol

Navi Protocol is an integrated DeFi platform that simplifies user experience by offering:
– **Lending Services:** Deposit digital assets and earn interest.
– **Swap Function:** Compare liquidity across multiple exchanges to swap tokens at the best rates.
– **Liquidity Staking:** Earn interest through staking while simultaneously participating in other DeFi services.

By providing these functionalities within a single platform, users can easily access a variety of financial services without complicated procedures.

## How to Use Navi Protocol: Basic Setup and Execution

To use Navi Protocol, the first step is to set up a Sui Wallet.

### 1. Setting Up Sui Wallet
– Search for ‘Sui Wallet’ in the Google Chrome Web Store and install it.
– Create a new wallet or connect an existing one.
– Securely store the seed phrase (essential for recovery and security).
– Complete the password and security settings.

### 2. Transferring Sui Tokens from a Centralized Exchange (CEX)
– Purchase Sui (SUI) tokens from exchanges like Upbit, Bithumb, or Binance.
– Transfer tokens to your personal Sui Wallet address.
– Verify the first and last three characters of the wallet address before proceeding with the withdrawal.

### 3. Connecting Wallet to Navi Protocol
– Visit the official Navi Protocol website (beware of phishing sites).
– Click ‘Connect Wallet’ on the top right and select Sui Wallet.
– Confirm the connection and verify the wallet address.

Once the wallet setup and token transfer are complete, users can fully utilize Navi Protocol’s diverse functionalities.

## Utilizing Navi Protocol

Navi Protocol offers several DeFi services, garnering attention with its low-risk features such as stablecoin lending and liquidity staking. Currently, it provides high annual percentage rates (APRs) for tokens like Tether (USDT), USD Coin (USDC), and suiUSDT, at approximately 8.4%, 6.0%, and 7.6%, respectively.

### 1. Using the Lending Service
– Deposit assets like Sui (SUI) or USDC to earn interest.
– Collateralize assets to borrow other digital assets.
– Detailed information on deposit rates, loan interest rates, and interest models is available.

### 2. Leveraging the Swap Function
– Swap various tokens at optimal prices within Navi Protocol.
– Automatic execution via DEX Aggregator, comparing liquidity across multiple exchanges.
– Offers the most favorable trading route without connecting to external exchanges.

### 3. Participating in Liquidity Staking (Volo)
– Stake Sui (SUI) and receive liquidity staking tokens (LST) as rewards.
– Use LST in other DeFi services.
– Earn interest from deposits while engaging in additional financial activities with LST.

### Security Measures for DeFi Usage

To ensure security while using DeFi services, it is paramount to securely store the seed phrase received during wallet creation. This phrase acts like a bank security code or password; its exposure could result in wallet asset theft.

Always verify that you are accessing the official website when connecting to a DeFi platform. Avoid entering through uncertain links or search results, as they may lead to phishing sites capable of stealing assets upon wallet connection.

Ensure seed phrases are backed up offline in a safe location, and always access DeFi platforms via official or verified channels to secure your assets. By adhering to these basic security guidelines, users can safely navigate the DeFi landscape.